February 12, 2018

Brand Arizona - Smart Move to Accept Bitcoin for Tax Payment

The Senate in Arizona has approved a bill to accept bitcoin and other specified cryptocurrencies as payment for taxes. The bill moves to the Arizona House. Here are more details.

This represents a smart branding tactic for the desert state.

To begin with, just playing around with this proposal brings media attention. I'm from the public relations school of thought that all media attention, positive and negative, is of value. That is, if the players understand how to leverage it.

Secondly, bitcoin, as do all applications derived from the blockchain platform, symbolizes technological innovation and an out-of-the-box financial mindset. That's bound to attract companies and professionals with STEM credentials.

And, third, the ability to get politicos to join forces on this initiative demonstrates that the state, unlike what's going on Inside the Beltway, isn't a banana republic.

Prediction: If this becomes law in AZ and the response is positive, then anticipate other states making the same move. As for the federal government, it seems quite preoccupied with myriad other matters.